Vacancies Dip in Long Beach
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The vacancy rate for commercial office space in the downtown section of Long Beach fell in the third quarter from 27% to 26% but increased in the city’s suburban area from 15.2% to 15.7%, according to a survey by Grubb & Ellis Commercial Brokerage Services.
In the downtown area, 544,400 square feet in a total base of 2.1-million feet of office space were unoccupied during the third quarter, and in the suburban sector, 563,576 square feet in a total base of 1.6 million were vacant.
The survey included 17 buildings downtown and 33 in the suburban area that are each 20,000 square feet or larger, excluding owner-occupied, medical and governmental.
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